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Your contractor's insurance company - damage was their fault - wants you to settle damages at depreciated value - ACV. Aren't you entitled to full replacement cost -RCV- because it wasn't your fault?
Wiki User
∙ 16y ago
See if your insurance company will help you resolve the claim. The contractor should definitely make things right.
Wiki User
∙ 16y ago
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If you own your home and have no mortgage against it should you be given a depreciation value on damages to your home after a hurricane even if you have cost replacement in your policy?
Generally, most insurance policies that afford "Replacement cost coverage" will only pay the depreciated value (or "actual cash value") up front until the repairs or replacement actually takes place. In the event you will not repair or replace the home where it stood, you would only be entitled to the actual cash value. Otherwise, they will pay the difference between the ACV and actual replacement cost (less your deductible) only after the repairs are complete. Most policies have a time limit on how long you have to make a claim for the replacement cost.....usually 6 months!
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Benefits are what you receive from insurance for instance. This is the goods, service or monetary amounts you are entitled to.
A Raisin in the Sun- Which character do you think is most entitled to part of the insurance money?
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